Relevance up to 12:00 2022-08-12 UTC+2
Company does not offer investment advice and the analysis performed does not guarantee results.The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical analysis:
Gold has been trading downside today and I see the breakout of the rising channel, which is sign that sellers are in control.
Trading recommendation: Due to the breakout of the rising channel in the background, I see potential for further downside movement.
Watch for potential selling opportunities with the downside objectives at the price of $1.783 and $1.770.
Stochastic oscillator is showing overbought condition and bear cross, which is sign that sellers are taking control.
Key resistance is set at the price of $1.805
